This report is provided by MacroTerms.com

Data as of: 2026-10-14 · Settlement: Exchange settlement (15:00 Beijing close, vs prior settlement)
Generated: 2026-10-14 07:09:05 · Benchmark settle: 2026-10-13
Body, Best Trade and charts share the same settlement snapshot; intraday live prices are not part of conclusions

2026-10-14 China Futures Morning Report: Precious Metals Give Back Night Session Gains, Energy & Chemicals Rise Against Trend

Three core judgments: ① SHFE gold and silver gave back day session gains in the night session, with GC/GC seeing only a slight recovery in the Asian early session; precious metals shift to short-term range-bound correction, with SHFE gold below 900 targeting 885, invalidated if it stands back above 910; SHFE silver below 14500 targeting 14285, invalidated if it stands back above 14700. ② Energy & chemicals rose against the trend, with SC night session +1.42%, PP +1%, EG +1.4%, MA +0.99%; geopolitical premium on the crude end resonates with polyester chain catch-up gains, TA processing fee at 220 yuan/ton sits at the 11th percentile, the logic of going long on processing margin expansion continues. ③ Black series divergence intensifies, coking coal JM rose on increased open interest +1.03% but was flat in the night session, rebar edged lower on increased open interest; rebar-hot rolled coil spread at 165 yuan sits at a 3rd percentile historical extreme low, ore net shorts expanded to 47,649 lots; black series overall weak and coking coal's independent move is hard to sustain.